Thread regarding Edward Jones layoffs

@25p driving 90 minutes a day 4 days a week has put a beating down on my car and fill ups. All so I can sit in a cube farm and listen to everyone's zoom calls while ELT rubs their malicious hands together at the thought of more people quiting.

And just like that, Thanos snapped his fingers and four to eight years of annual raises vanished from my paycheck. It’s getting real expensive to work at EJ.

@rm This is a problem across most of corporate america right now. They keep trying to gaslight us into thinking that hybrid and remote work during covid was a disaster, when it wasn't. The people that add value to the job and are productive, stayed productive or became more productive because they weren't drained all the time. People that are lazy and useless will always be lazy and useless regsrdless of where they work at. Now, they want us on one hand to embrace AI slop usage as a means to "move forward into the future" while also trying to turn the clock back to 2002 and pretend cube farms (and micro managers) are what everyone needs to be good at their jobs. The tooth paste is out of the tube, but these people like S. mcdummy are clueless id--ts and only care about making people miserable so they quit.

@ar , if the match is $500 from the firm, that's deplorable.

@pv ,contact work, keep your pride and take a position with lower pay to get your foot in the door.

@rk You said deactivate social media, does this include linkedIn? I have been told I 'have' to have linkedin by a couple of recruiters. The problem is there is so much mixed information out there you will drive yourself crazy. Even a few years ago during my first encounter with "optimization" layoffs, the job market was tough. Now, the AI obsession has taken over the HR areas to where you have bots to make the resume so it can outsmart the bots on the HR side. D-mb.

@m0 interesting you say how do we even get people recruited to come here. I can tell you that my experience the past couple of months working with hiring requisitions has been horrible because people don’t want to apply now that we’re back in the office four days a week. So requisitions are open longer because you need a certain amount of people to apply in order to close the requisition. So when you wonder why the teammate that quit in June is still not replaced, well, Edward jones is back at work five days a week. Nobody wants that sh-t. And that’s the feedback that people give. They can’t even get contractors to bring people in because people don’t wanna work in an office. But you can’t tell leadership that.

@pv you have to deactivate all social media. You have to tailor every résumé to every job description you apply to. And you also have to add a cover letter to it. The cover letter can be added as the first page of your résumé if there is not a spot for a cover letter. Make sure that you have a lot of keywords that are in the job description in your résumé. Lastly, make sure that you follow up with the employer by finding their generic email like info@edwardjones.com or whatever. Email them that you applied for the role with a job ID and attach all your information. Maybe that’ll get you forwarded to a hiring recruiter, it sometimes works.

@qq You can't use reason or logic with S.Mcdummy drones or PP's gang of mean girls. They know more than everyone else because the echo chamber they live in says so. The company contiues to bleed out $ daily under this destructive id--tic leadership. So what do they do? Double down on failure and lash out at the only people who keep this circus even remotely functional.

@mw actually the cost of living has went up approximately 30% in just 6 years and still rising at higher than ideal. Healthcare costs are out of control and unsustainable.

@mw Uh oh, look out everyone, we got a human capital ELT clown up in here trying to talk some sense into you peasants. 🤡

@n8 Any advice on applying right now in this job market? I feel like I apply online and the resume never even reaches an actual human. Can't even get a phone interview.

@k4 The highest base salary I had before I was ISP'd was 98k/yr. I believed this was the best I could do and that if I was patient my wages would go up, so even though I was upset I just took it. Since then I've landed a position with a competitor for 240k/yr. All the things I was promised about flexibility and WFH that were being taken away from me at Jones are here with this job. I urge anyone who can to get out of Jones, don't go down with the ship.

@jd why are you here?

@OP Wow, I am shocked. I mean costs of goods and services haven't risen, this is an outrage!

@k4 We used to accept the lower pay and sub par benefits in exchange for work life balance flexibility, no layoffs, WFH, and a culture that prided themselves on not being like wall street where profit was everything. We threw all that out the window and still think the sh+t pay, threats of layoffs for outsourcing and stupid RTO micro managing is somehow a good thing for 'muh culture'. How do you even recruit people to come here? "Yeah, we used to a good company, but the MP sold her soul for AI tokens and 3000 contractors in india. We still get free hotdogs sometimes though, so that makes it great!"

@k4 you are correct. ALL large US banks and brokerage firms except Edward Jones have a base % they match. Most offer 5 or 6%, while a couple nominally match 4% but then top that off with a direct contribution that doesn’t hinge on the employee putting money in. The average base match is 5.2%. Moreover, nearly all of them then proceed to contribute additional funds, either a fixed amount or via a profit sharing formula. It’s not uncommon to see the total reach 8 or 9%, which is thousands of dollars in tax-free compensation. Edward Jones’ claim that their profit sharing closes the gap is patently false.

Edward Jones home office compensation has long lagged competitors by about 20% (even more for tech positions). The pitiful $500 401k match sticks out like a sore thumb in an industry that averages 5%, and no, the profit sharing doesn’t come close to making to for it (many firms offer that ON TOP of 5-6% matches). Benefits and time off packages are also substandard.

@e1, I'm at a new place and the benefits are 100X better.

@b4 $500? WTF are you talking about? You mean because you only contribute $500 and that is matched?

Not to mention how bad the cost share split is here. Industry average is 75% employer and 25% employee, but here it’s been 70/30 and even worse. The benefits here are extremely bad.

@bd - I see us getting Jelly of the Month Club One-Year Memberships and Penny in will say “It’s the gift that keeps giving” in our January Town Hall.

In all seriousness - layoffs are considered a sign of management failure, and this failure has impacted our climate since 2019. According to recent research, the number one reason CEOs are fired or forced out is mismanaging organizational change (31%) with 23% being released for denying reality - remaining insulated or out-of-touch with facts coming from frontline leaders & associates. Add in the mismanagement with the field and you see record assets leave with the attrition. Too bad we don’t have a board to get rid of these parasites.

Guys guys guys, we need to stop the complaining! This is the greatest company ever! These are the cuts that need to be made in order for us to remain competitive for the next 100,000 years. Trust ELT with their outsourcing and layoffs, the contractors are crushing it out there in work quality! PP loves us and will show the appreciation this Christmas season by giving us an ice cream party while we are in our designated home office collaborating with flu and covid viruses. 🤡

@ar - the annual 401k match is $500. Big whoop. As far as profit sharing is concerned, the overall average in the US is 4.9%. Pretty sure our last profit sharing contribution was 4.5%, indicating that its BELOW average.

THAT's my concern...

Culture has gone to he-l, compensation is falling behind competitors, ELT hates the rank & file so much that they're sending as many jobs as possible to India.

And while compensation falls behind, benefits increases just add insult to injury.

@aq what match?

@aq When you include the profit sharing match, it's actually better than most employers. What's your concern with that?

Wait till you look at your 401k match